31 / 03 / 2021
Many entrepreneurs aspire to the realisation of their American Dream. As it turns out, this goal is as real as possible for both citizens of the United States of America and people born in other countries. It is one of the world's powers, which is characterised by a high GDP coefficient, great economic competition and development opportunities for potential businessmen. Therefore, if for some time now, you are thinking about starting your own business, but you are afraid that you do not have sufficient financial resources, definitely keep reading. In this article, we will briefly describe the funding options available to you.
Above all, companies that are looking for subsidies should start looking at Grants.gov, which offers the most extensive database of federal subsidy opportunities. Given the thousands of grants that can be applied for, there are many possibilities for enterprises from all environments. However, before you apply for a subsidy, it is important to determine whether you are eligible for one. Grants.gov lists federal grants from agencies such as the Department of Energy, Department of the Interior, Health and Human Services, National Science Foundation, NASA and many others.
Small Business Innovation Research Program (SBIR)
SBIR provides grants to small businesses to enable them to participate in federal research and development that has the potential for commercialisation. It is a highly selective, award-based system that aims to enable companies to develop scientific research excellence and technological innovation. To be eligible for the SBIR grant, it is necessary to run a non-profit company and be more than 50% owned by at least one US citizen or a foreigner residing permanently in the US, other small profit-oriented companies, as well as many venture capitalists, hedge funds, private equity firms or mergers.
Small Business Technology Transfer Programme (STTR)
Like the SBIR, the STTR programme focuses on funding research and development. However, what distinguishes the STTR is that it 'requires a formal cooperation with a research institution from small businesses'.
State Trade Expansion Program (STEP)
STEP provides financial awards to state and territory governments to assist small businesses with export development. It is intended to help new entrepreneurs to start transport activities involving the import and export of goods and services.
Additional funding for minorities
Whereas the aforementioned programmes are certainly a good start in terms of grants and funding options, there are also additional measures that can provide assistance especially for companies owned by minorities and women. These include:
- Financing options for companies owned by minorities
- Funding options for women-led businesses
- SBA Small Business Development Centres, which can help all kinds of companies to locate additional funding opportunities at national and local level.